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Definition:
A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnership Act).Membership:There may be a minimum of two and a maximum of twenty members in a partnership. In the U.K however, the Partnership Act 1934 CAP 29 provides that the maximum number of partners in a firm that offers personal/professional services may be up to 50 if each partner is professionally qualified, e.g. Accountants, Lawyers, architects doctors, surgeons etc.Types of Partners:
Partners may be classified into the following categories:a) Active or dormant;b) Limited or Unlimited;c) Adult or Minor;d) Real or Quasi.
who to prepar a financial statement
State the users of accounting information Environment has brought new challenges for managers and other users of accounting information. Their requirements have changed and bot
The functional currency method (formerly temporal method) Under this method, the branch is considered to be an extension of the head office and this is reflected by the trading
D1=$0.65, D2=$0.74, D3=$0.79, D4=$0.84.Dividen grow continually at rate of 3% per year stating from year 5 onward.assuming the required rate of return to this stock is 12%.what wil
HOW TO RECORD INVENTORY AT NET REALISABLE VALUE ON JOURNAL
how can make a balance sheet
Calculate Stock turnover rate The total average number of times each year which stocks is "turned over" in the terms and course of trading activity. Stock turnover rate
Prepare a statement of revenues - deferral method: Wise Owls, an NFPO, began operations at the beginning of 20X1 to provide free tutoring and homework assistance, as well as a
Q. Define about SME FINANCE? SMEs contribute in a significant way to many economies in the world. Moreover generating income, in often large proportions in relation to GNP acro
Gomez incurred $350,000 of research and development costs to develop a product for which a patent was granted on January 2, 2008. Legal fees and other costs associated with the reg
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